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China's SenseTime to withdraw $767 million Hong Kong IPO: Reuters, citing sources

Deutsche Wohnen CEO Michael Zahn Not To Accept Offered Appointment At Vonovia

Deutsche Wohnen SE (DWHHF.PK) said Michael Zahn, CEO, has decided not to accept the offered appointment as Deputy CEO of Vonovia. Philip Grosse will join the Management Board of Vonovia as of January 1, 2022, in accordance with the business combination agreement of Vonovia and Deutsche Wohnen.

Michael Zahn stated: “I would have liked to accompany the employees on the next stage. In the past few months since the decision to merge, however, I have realized that after 14 years as CEO of Deutsche Wohnen, I would not have been able to drive the integration as impartially and objectively as it is my own standard.”

Vonovia SE holds a majority stake of around 87 percent in Deutsche Wohnen SE.

Simply sedan

I want to buy a new sedan, but I am confused between a Skoda Superb and an Audi A4. Can you suggest another car?

Balu, Surat

If you want prestige, a smooth ride and top-class interior, but are not too fussy about rear seat space, then the new Audi A4 is an excellent choice. It is very refined, has a plush ride and the cabin reeks of quality. However, if you are mainly chauffeur-driven, then the Superb is unbeatable in the back seat. The Superb, too, is an extremely refined and high-quality car, but does not have the brand strength of an Audi.

I am in a dilemma over which pre-owned automatic sedan to choose. The car will be used mainly in the city and for occasional long drives. I came across a 2011 model Honda Civic that seems to be in good condition and with a reasonable asking price. What are the things I should keep an eye out for before buying it?

Swapnil Hardikar, Thane

The old-generation Civic had serious ground clearance issues and if you are taking it on long trips, you need to be careful about speed breakers. Also, buying a 10-year-old car that has been discontinued is not a good idea. Though the Civic is very reliable, going forward, it is likely that getting spares and having it serviced will not be easy. If you are still keen, then we suggest you get it checked thoroughly for the usual wear and tear on critical items such as suspension, engine and the bodywork.

(Hormazd Sorabjee is the editor of Autocar India. Mail your feedback and queries to [email protected])

Moderna CEO Warns Existing Vaccines Less Effective Against Omicron: Reports

Covid vaccine maker Moderna Inc.’s Chief Executive Stéphane Bancel has predicted that existing COVID-19 vaccines will be much less effective against Omicron than earlier strains, according to the Financial Times.

In an interview, the CEO said, “There is no world, I think, where (the effectiveness) is the same level?.?.?. we had with Delta.”

He further said, “I think it’s going to be a material drop. I just don’t know how much because we need to wait for the data. But all the scientists I’ve talked to?.?.?. are like ‘this is not going to be good.”

The World Health Organization, which named the new variant omicron, said the new strain is a “variant of concern” that could pose a higher risk of reinfection compared to the previous mutations. The new variant has about 50 mutations.

Bancel added that it was likely the current crop of vaccines would need to be modified due to the high number of mutations on the protein spike the virus uses to infect human cells.

Moderna recently said it is working to advance a booster candidate tailored to the new variant. The company is also testing a higher dose of its existing booster and studying other booster candidates designed to protect against multiple variants.

For fear of the new variant, the European Union and several other countries across the globe, including the U.S. And U.K, have suspended flights from South Africa and nearby countries.

Industrial production grows 3.2% in October

Mining output climbed 11.4%, and power generation increased 3.1%.

India’s industrial production rose 3.2% in October, according to official data released on Friday.

As per the Index of Industrial Production (IIP) data by the National Statistical Office (NSO), the manufacturing sector’s output grew 2% in October 2021.

In October, the mining output climbed 11.4%, and power generation increased 3.1%.

The IIP had grown by 4.5% in October 2020.

During April-October this year, the IIP grew 20% against a 17.3% contraction in the same period last year.

Industrial production has been hit due to the coronavirus pandemic since March last year when it had contracted 18.7%.

It shrank 57.3% in April 2020 due to a decline in economic activities in the wake of the lockdown imposed to curb the spread of coronavirus infections.

Herald morning quiz: December 14

Test your brains with the Herald’s morning quiz. Be sure to check back on nzherald.co.nz for the afternoon quiz.

To challenge yourself with more quizzes, CLICK HERE.

China's SenseTime to withdraw $767 million Hong Kong IPO: Reuters, citing sources

  • Chinese artificial intelligence start-up SenseTime Group will withdraw its $767 million Hong Kong initial public offering (IPO) on Monday after it was placed on a U.S. investment blacklist, three sources said.

Chinese artificial intelligence start-up SenseTime Group will withdraw its $767 million Hong Kong initial public offering (IPO) on Monday after it was placed on a U.S. investment blacklist, three sources told Reuters.

The sources, who could not be named as the information was not yet public, said an official announcement would be made to the Hong Kong Stock Exchange shortly.

SenseTime, which was placed on a U.S. investment blacklist on Friday by the Biden Administration, did not immediately respond to a request for comment.